Nichole Craig's Graduation Project: Wednesday 9/10/08

Wednesday, September 10, 2008

Wednesday 9/10/08

Today I've been rethinking the whole charity thing...like they have different ways to give back to the community and I was thinking more in depth about a bake sale. I have no idea why a bake sale, but i guess it would at least help..in some kind of way. I'm definitely still stuck on the topic of animals, so I think...I'll possibly be on the right track of this whole topic thing. I'm looking on Google. I talked to Mrs. Savido and she brought up the great American bake sale, but I'm looking on their website and it's for homeless kids I think. Well, this makes me want to do the bake sale, but I have to find an organization to possibly donate it to. I also found a website of PAWS which is an organization for helping animals, so I'm looking into that too.

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key terms

• Assets: A charity's assets include cash, savings, investments, property, and other items of ownership with an exchange value.
• Charity – A charity exists to serve a societal group mission, and does not pursue self-interest or pay out profit to individuals. It is recognized by the IRS as tax-exempt and eligible to receive tax-deductible contributions.
• Compensation: Using information reported on an organization's most recent Form 990, we include as compensation an individual's salary, cash bonuses, and expense accounts and other allowances.
• Expenses – A charity’s expenses include spending on such things as salaries, supplies, equipment, travel, and conferences. Also including the value of donated goods that a charity distributes.
• Income statements – Shows the breakdown of a charity’s revenue and expenses, its payments to affiliates, excess or deflect, and total net assets reported in the most recent fiscal year.
• Liabilities – debt for which the charity is legally responsible for.
• Net Assets: The difference between a charity's assets and its liabilities.
• Non-profit – this exists to serve societal or group mission, and does not pursue self-interest or pay out profit to individuals.
• Revenue: Charities can derive revenue or funding from a variety of sources, including contributions, program services, membership dues, interest on savings, investment income, special events, and sales of inventory.
• Working Capital Ratio: Determines how long a charity could sustain its level of spending using its net liquid assets, or working capital, as reported on its most recently filed Form 990.